Why You Need To Use Woodworking Plans To Build Woodwork Projects


By Ted Mcgrath

Have you finished any DIY woodworking projects before? If you’ve done it you’re aware of the fact that a good construction requires some really good planning. If this is your first try it’s important to make sure that you’ve got a plan before you start.

It doesn’t have to be difficult to come up with a plan for the project you’re considering to start with and the project will much more likely become as you want it to be if you take yourself time to plan everything carefully before you start using your tools.

One easy way to find a good plan for your woodworking project is to look online. The net is full of interesting woodworking plans for DIY projects and you will be amazed by how easy it is to find one that seems to be suitable for you. You will in most cases be able to choose between hundreds, or even thousands of woodworking plans and most of them are really good and easy to follow.

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When you’ve decided what plan you would like to use it’s time to take a closer look at it. You might need to search a little on the net in order to learn more about woodworking before you’re ready to start. It’s important that you have some knowledge on the topic before you start building something yourself, it’s more difficult than you might think and it’s easy to get hurt unless you’re careful.

It’s important that you’re aware of the fact that it will be possible for you to build some really nice pieces of furniture even if you’re following easy woodworking plans. You can do a rocking arm chair or a nice bureau if you want to and it doesn’t have to be as complicated as it might seem. You have to know that it’s not easy to become a talented and skillful craftsman though and you will need to practice a lot if you want your furniture to look good.

If you’ve read plenty about DIY woodworking projects on the net but would like to get some answers to things that you think is difficult to understand it’s wise to register for a member account on a forum regarding woodworking. You will soon discover that there are several forums to choose between and other members will be able to help you get an answer to every question you might have.

The most important thing when you’re into woodworking is the safety. You always need to be aware of the fact that you can get hurt if you’re not careful. This is important to keep in mind even if you’ve completed many woodworking projects before. It’s actually easier for experienced constructors to get hurt since they are usually more careless than beginners.

As you can see you need to do three things to start with. Find a good woodworking plan, learn as much as you can about woodworking and be as careful as you can when you start working with the project.

About the Author: Download over 16,000 woodworking designs and plans now:

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Roth Ira Conversions Information For A Retirement Income Specialist


By Cory Bowman

The profession of being a retirement income specialist is a rewarding and steady job. There are many advantages to becoming a retirement income specialist; helping others and finding challenges and enjoyment in your work are some of the main positives. To become a retirement income specialist, one must usually enroll in a courses or programs to meet certain requirements and to learn the ins and outs of the field. One specific topic that a course might cover is Roth IRAs, and in particular: Conversions.

Roth IRAs are flexible investments (usually with more options than other traditional IRAs). There are many laws governing the implementation of these Roth IRAs, so a retirement income specialist must always stay up to date with the current laws. Starting January 1st, 2010, an income limit that previously prevented many Americans from converting their traditional IRAs into Roth IRAs disappeared. If your clients household income is more than $100,000 (the previous limit), converting to a Roth will be an option for the first time. Married couples filing separate tax returns also will now be able to convert. Listed below are strategies for the advisors consideration.

Pay taxes on converted amount

You have to pay income taxes when you convert. For example, a client in the 28% tax bracket will owe $28,000 (plus state income taxes) on a $100,000 conversion.

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Converting may benefit the client in the long runif a higher tax rate is expected during retirement. If, like most people, the client is not sure about his future tax rate, consider converting just part of his traditional IRA to a Roth. Doing so gives “tax diversification” because some money would be in a Roth and some still in a traditional IRA.

Consider source used for taxes

Stick with the traditional IRA if the client does not have money available outside of the IRA to pay conversion taxes. Pulling money out of an IRA to cover taxes can defeat the purpose of making the switch in the first place. By reducing retirement savings, clients reduce the ability to generate future tax-free earnings on money invested in the Roth. If under age 59, amounts pulled out of a traditional IRA to cover taxes may be subject to a 10% IRS penalty.

Two conversion strategies

If the client does not have enough money to pay taxes on all converted assets, or if doing so would push her into a higher tax bracket, consider converting just part of the traditional IRA assets. A special option applies only to 2010 conversions; the taxpayer can elect to evenly divide the tax liability over 2011 and 2012. If tax rates go up in 2011, this split-year strategy may not be a good idea.

Longer time horizons are better

A conversion may not be wise for clients who expect to withdraw money within five years. Generally speaking, the client will only be able to withdraw earnings from the account without taxes and penalties if age 59 or older and a Roth IRA has been held for at least five years. Withdrawals of the original conversion amount are always tax-free; however a 10% early penalty may still apply. The client must be either at least age 59 or wait at five years after the conversion to make the withdrawal in order to avoid the 10% penalty.

Heirs can benefit

During lifetime, the Roth IRA client is not subject to RMDs, meaning the entire amount can be left to someone else. A beneficiary who inherits a Roth IRA may be subject to RMDs, but withdraw the original conversion tax-free. Earnings are also tax-free, provided the Roth IRA meets the five-year holding requirement.

About the Author: Cory Bowman is Director of Ops at the Institute of Business Finance. IBF has helped thousands of members of the financial services industry attain designations. For more information about becoming a

retirement income specialist

, visit http://www.icfs.com

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